Exam Technique2

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Exam Technique

General Ways of Evaluation V WET DRIP?

? Question the question. 2 main ways of doing this.

2) Identify key information (and be specific about what and why you need it) that is required before a full decision can be made.

1) Suggest that the firm does something different from that suggested (or indeed does something else first).

Pick one

If the question is not 2 sided identify the most significant factor/biggest problem/benefit etc

Apply to context what is happening/most important that is significant

Run

Short run versus long run issues (do this now, but this later)

Depends on

see above apply to context

Why might this not be true see above (Avoid will , definitely and MASSIVE )

Extent

Size or scope of the problem. How long will it last? How muct have interest rates actually changed

Weigh up

(the arguments in appear somewhat stronger given that x is likely to be the priority etc)

Of the data (not just who produced it [you are often told who] but is it for the exact same market product, is it out of date, does it really show what it seems to at first glance)

Remember

Don't describe big bits of the case/data analyse its significance.

Do not over simplify multinational businesses as this will not appear mature

You must explain any evaluation point and apply it!

Try to evaluate in your arguments and your conclusions.

Decision Tree Evaluation QVC REX (the online shopping bargain hound)

Risk

(the option with the best expected value might still be considered too risky)

Choices/options

(they can be highlighted and clarified)

Validity

Of the probabilities and outcomes

Quant/qual factors

(allows a quantitative decision to be made)

Most things depend one or more of SCORE ME PFC

Customer reactions

Financial situation (includes gearing, acid test, cash flows and profit levels)

Products and markets

Employees reactions

Managers skill/experience/management style

External factors

Rate of change in the market

Operational Flexibility

Competitors reactions

Skills of workforce (high skill, low skill temps etc)

Paragraph Structure - Pete Beale The Taxi Driving Iguana Lover

In this case

In this case what is actually likely to happen

Likely?

Make mature judgements about the likelihood of a particular choice or outcome occurring remember little is certain but some things are more likely than others

Depends on..

What will determine whether or not the point is true

True?

Is the point you made true in all circumstances? Very view points are.

Therefore

Explain the implications of the points and why it is significant to the question

Because

Point

What applied point are you making that answers the exact question in some way